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ICICI Bank Piotroski F-Score

: 8 (As of Today)
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Good Sign:

Piotroski F-Score is 8, indicating very healthy situation.

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

ICICI Bank has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.

The historical rank and industry rank for ICICI Bank's Piotroski F-Score or its related term are showing as below:

NYSE:IBN' s Piotroski F-Score Range Over the Past 10 Years
Min: 1   Med: 4   Max: 8
Current: 8

1
8

During the past 13 years, the highest Piotroski F-Score of ICICI Bank was 8. The lowest was 1. And the median was 4.


ICICI Bank Piotroski F-Score Historical Data

The historical data trend for ICICI Bank's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

ICICI Bank Annual Data
Trend Mar12 Mar13 Mar14 Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 4.00 4.00 7.00 8.00

ICICI Bank Quarterly Data
Jun16 Sep16 Dec16 Mar17 Sep17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 N/A 8.00 - -

Competitive Comparison

For the Banks - Regional subindustry, ICICI Bank's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

   

ICICI Bank Piotroski F-Score Distribution

For the Banks industry and Financial Services sector, ICICI Bank's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where ICICI Bank's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Mar21) TTM:Last Year (Mar20) TTM:
Net Income was $2,525 Mil.
Cash Flow from Operations was $18,953 Mil.
Revenue was $16,278 Mil.
Average Total Assets from the begining of this year (Mar20)
to the end of this year (Mar21) was (184751.90981137 + 216124.81318217) / 2 = $200438.36149677 Mil.
Total Assets at the begining of this year (Mar20) was $184,752 Mil.
Long-Term Debt & Capital Lease Obligation was $18,685 Mil.
Total Assets was $216,125 Mil.
Total Liabilities was $193,167 Mil.
Net Income was $1,283 Mil.

Revenue was $14,101 Mil.
Average Total Assets from the begining of last year (Mar19)
to the end of last year (Mar20) was (178270.65825772 + 184751.90981137) / 2 = $181511.28403455 Mil.
Total Assets at the begining of last year (Mar19) was $178,271 Mil.
Long-Term Debt & Capital Lease Obligation was $26,326 Mil.
Total Assets was $184,752 Mil.
Total Liabilities was $167,346 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

ICICI Bank's current Net Income (TTM) was 2,525. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

ICICI Bank's current Cash Flow from Operations (TTM) was 18,953. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Mar20)
=2524.6389708265/184751.90981137
=0.01366502

ROA (Last Year)=Net Income/Total Assets (Mar19)
=1283.2379319688/178270.65825772
=0.00719826

ICICI Bank's return on assets of this year was 0.01366502. ICICI Bank's return on assets of last year was 0.00719826. ==> This year is higher. ==> Score 1.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

ICICI Bank's current Net Income (TTM) was 2,525. ICICI Bank's current Cash Flow from Operations (TTM) was 18,953. ==> 18,953 > 2,525 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Mar21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar20 to Mar21
=18684.764156903/200438.36149677
=0.0932195

Gearing (Last Year: Mar20)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar19 to Mar20
=26326.27194218/181511.28403455
=0.14503931

ICICI Bank's gearing of this year was 0.0932195. ICICI Bank's gearing of last year was 0.14503931. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.

Current Ratio (This Year: Mar21)=Total Assets/Total Liabilities
=216124.81318217/193167.2797983
=1.11884794

Current Ratio (Last Year: Mar20)=Total Assets/Total Liabilities
=184751.90981137/167346.41554055
=1.10400877

ICICI Bank's current ratio of this year was 1.11884794. ICICI Bank's current ratio of last year was 1.10400877. ==> This year's current ratio is higher. ==> Score 1.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

ICICI Bank's number of shares in issue this year was 3426.075. ICICI Bank's number of shares in issue last year was 3283.386. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.

Net Margin (This Year: TTM)=Net Income/Revenue
=2524.6389708265/16277.636790095
=0.15509862

Net Margin (Last Year: TTM)=Net Income/Revenue
=1283.2379319688/14101.002559418
=0.09100331

ICICI Bank's net margin of this year was 0.15509862. ICICI Bank's net margin of last year was 0.09100331. ==> This year's net margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Mar20)
=16277.636790095/184751.90981137
=0.08810538

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar19)
=14101.002559418/178270.65825772
=0.07909884

ICICI Bank's asset turnover of this year was 0.08810538. ICICI Bank's asset turnover of last year was 0.07909884. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+1+1+1+1+0+1+1
=8

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

ICICI Bank has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.

ICICI Bank  (NYSE:IBN) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


ICICI Bank Piotroski F-Score Related Terms

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ICICI Bank Business Description

ICICI Bank logo
Industry
Financial Services » Banks NAICS : 0 SIC : 0
Address
ICICI Bank Towers, Bandra-Kurla Complex, Mumbai, MH, IND, 400 051
ICICI Bank Ltd provides banking services. The company's operating segment include Retail Banking; Wholesale Banking; Treasury and Other Banking Business. It generates maximum revenue from the Retail Banking segment. Retail Banking segment includes exposures of the Bank, which satisfy the four qualifying criteria of a regulatory retail portfolio as stipulated by RBI guidelines on the Basel III framework as well as includes income from credit cards, debit cards, third party product distribution, and the associated costs. Treasury segment includes the entire investment and derivative portfolio of the Bank. Wholesale Banking segment includes all advances to trusts, partnership firms, companies, and statutory bodies.

ICICI Bank Headlines

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